You have just purchased a primary home for $345,000 with an 80% LTV and a 3.875% Interest Rate, 30-Year Fixed Rate Mortgage. Property Taxes are 85 Gross Mills with 78 Effective Mills.
A) What is the Monthly Mortgage Payment?
B) What is the monthly PITI payment?
C) Show the first three years of the amortization schedule (include the beginning balance, interest payment, principal payment, and ending balance for each year).
D) What would be the monthly PITI payment of the property in part C if this was your vacation home in Ohio?
E) How much less can the borrower with a 4.875% mortgage borrow to keep the same monthly mortgage payment as the borrower with a 3.875% if both borrowers have a 30-Year Fixed Rate Mortgage without refinancing over the mortgage term?
F) How much faster would these buyers payoff their home if they paid bi-weekly payments?
G) If your down payment was $45,000 and the fees were $2250, which you paid up front. Property Taxes are 95 Gross Mills with 78 Effective Mills. What is your Monthly PITI Payment if you escrow the taxes and insurance into the monthly payment?
H) How many months of payments would you make for the loan on part G before the PMI would fall off if you called the lender at 80% LTV?